The authors also note that, although the oil and gas industry has largely responded negatively to PIB, “the importance of this reform agenda cannot be overstated. The oil and gas sector accounts for 70% of Nigeria’s tax revenue; stagnating production levels have a devastating effect on Nigeria’s current accounts that are only amplified by the current low crude oil prices.”

The authors add that, if PIB goes into effect it will provide much-needed reform for the country’s petroleum laws, but “it is imperative that the National Assembly balances a desire for the clarification and harmonisation of existing laws, with the need to address the concerns expressed by industry stakeholders.”